HR 2251
109th Congress
House
Taxation
Business records
Commerce
Employee rights
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Income tax
Insurance premiums
Labor and Employment
Life insurance
Tax exclusion
Tax returns
COLI Best Practices Act of 2005
Introduced: May 11, 2005
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2005
Referred to the House Committee on Ways and Means.
May 11, 2005
Introduced in House
Plain-English summary
COLI Best Practices Act of 2005 - Amends the Internal Revenue Code to limit the tax exclusion for benefits paid by employer-owned life insurance contracts upon the death of an insured employee, with certain exceptions for directors and highly compensated employees and for proceeds paid to the heirs of an insured employee. Requires employers to provide written notice to employees of intent to insure their lives and obtain written consent from such employees to being insured under a company-owned life insurance contract.
Imposes certain reporting and recordkeeping requirements for employer-owned life insurance contracts.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1